Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2021 | |
Document Information [Line Items] | |
Entity Central Index Key | 0001731388 |
Entity Registrant Name | EuroDry Ltd. |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2021 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2021 |
Entity File Number | 001-38502 |
Entity Address, Address Line One | 4 Messogiou & Evropis Street |
Entity Address, Postal Zip Code | 151 24 |
Entity Address, City or Town | Maroussi |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 8,498,873 | $ 938,282 |
Trade accounts receivable, net | 2,264,151 | 1,528,055 |
Other receivables | 704,675 | 460,209 |
Inventories | 736,166 | 1,385,280 |
Restricted cash | 5,489,456 | 1,518,036 |
Prepaid expenses | 111,746 | 226,033 |
Due from related companies | 210,268 | 0 |
Total current assets | 18,015,335 | 6,055,895 |
Long-term assets | ||
Vessels, net | 108,047,669 | 99,305,990 |
Restricted cash | 1,900,000 | 2,150,000 |
Total assets | 127,963,004 | 107,511,885 |
Current liabilities | ||
Long-term debt, current portion | 11,473,174 | 13,793,754 |
Related party loan, current | 2,700,000 | 0 |
Trade accounts payable | 1,067,263 | 1,074,518 |
Accrued expenses | 842,130 | 704,508 |
Accrued preferred dividends | 570,925 | 0 |
Deferred revenues | 1,197,680 | 246,125 |
Derivatives | 4,641,356 | 456,133 |
Due to related companies | 0 | 2,984,759 |
Total current liabilities | 22,492,528 | 19,259,797 |
Long-term liabilities | ||
Long-term debt, net of current portion | 47,362,737 | 37,318,084 |
Derivatives | 57,327 | 393,899 |
Total long-term liabilities | 47,420,064 | 37,711,983 |
Total liabilities | 69,912,592 | 56,971,780 |
Commitments and Contingencies | ||
Mezzanine Equity | ||
Preferred shares (par value $0.01, 20,000,000 preferred shares authorized, 16,606 and 13,606 issued and outstanding, respectively) | 13,060,713 | 15,940,713 |
Shareholders’ equity | ||
Common stock (par value $0.01, 200,000,000 shares authorized, 2,348,216 and 2,632,342 issued and outstanding) | 26,323 | 23,482 |
Additional paid-in capital | 61,043,772 | 53,048,060 |
Accumulated deficit | (16,080,396) | (18,472,150) |
Total shareholders’ equity | 44,989,699 | 34,599,392 |
Total liabilities, mezzanine equity and shareholders’ equity | $ 127,963,004 | $ 107,511,885 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 13,606 | 16,606 |
Preferred stock, shares outstanding (in shares) | 13,606 | 16,606 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 2,632,342 | 2,348,216 |
Common stock, shares outstanding (in shares) | 2,632,342 | 2,348,216 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||
Time charter revenue | $ 24,045,594 | $ 9,601,994 |
Commissions (including $120,025 and $300,570, respectively, to related party) | (1,379,688) | (518,200) |
Net revenue | 22,665,906 | 9,083,794 |
Operating expenses | ||
Voyage expenses, net | (443,075) | 570,003 |
Vessel operating expenses (including $61,140 and $57,794, respectively, to related party) | 6,241,943 | 5,609,430 |
Dry-docking expenses | 57,174 | 1,733,323 |
Vessel depreciation | 3,412,475 | 3,252,516 |
Related party management fees | 1,085,825 | 973,504 |
General and administrative expenses (including $625,000 to related party) | 1,151,151 | 1,180,155 |
Total operating expenses | 11,505,493 | 13,318,931 |
Operating (loss) / income | 11,160,413 | (4,235,137) |
Other income/(expenses) | ||
Interest and other financing costs (including nil and $25,533, respectively, to related party) | (1,121,172) | (1,247,821) |
Loss on debt extinguishment | (1,647,654) | 0 |
Loss on derivatives, net | (5,314,405) | (643,146) |
Foreign exchange gain / (loss) | (4,912) | 3,891 |
Interest income | 10,409 | 3,650 |
Other expenses, net | (8,077,734) | (1,883,426) |
Net (loss) / income | 3,082,679 | (6,118,563) |
Dividends to Series B Preferred shares | (570,925) | (748,012) |
Preferred deemed dividend | (120,000) | 0 |
Net (loss) / income attributable to common shareholders | $ 2,391,754 | $ (6,866,575) |
(Loss) / earnings per share attributable to common shareholders, basic (in dollars per share) | $ 1.03 | $ (3.03) |
Weighted average number of shares outstanding during the period, basic (in shares) | 2,322,588 | 2,267,375 |
(Loss) / earnings per share attributable to common shareholders, diluted (in dollars per share) | $ 1.01 | $ (3.03) |
Weighted average number of shares outstanding during the period, diluted (in shares) | 2,364,879 | 2,267,375 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Operations (Parentheticals) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Commissions, related party | $ 300,570 | $ 120,025 |
Vessel operating expenses, related party | 57,794 | 61,140 |
General and administrative expenses, related party | 625,000 | 625,000 |
Interest and other financing costs, related party | $ 25,533 | $ 0 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated statements of Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 2,304,630 | |||
Balance at Dec. 31, 2019 | $ 23,046 | $ 52,802,574 | $ (11,020,415) | $ 41,805,205 |
Net income / (loss) | 0 | 0 | (6,118,563) | (6,118,563) |
Dividends to Series B preferred shares | (748,012) | (748,012) | ||
Share-based compensation | $ 0 | 124,212 | 0 | 124,212 |
Balance (in shares) at Jun. 30, 2020 | 2,304,630 | |||
Balance at Jun. 30, 2020 | $ 23,046 | 52,926,786 | (17,886,990) | 35,062,842 |
Balance (in shares) at Dec. 31, 2020 | 2,348,216 | |||
Balance at Dec. 31, 2020 | $ 23,482 | 53,048,060 | (18,472,150) | 34,599,392 |
Net income / (loss) | 0 | 0 | 3,082,679 | 3,082,679 |
Dividends to Series B preferred shares | 0 | 0 | (570,925) | (570,925) |
Share-based compensation | 0 | 107,972 | 0 | 107,972 |
Preferred deemed dividend | $ 0 | 0 | (120,000) | (120,000) |
Issuance of shares sold at the market (ATM), net of issuance costs (in shares) | 103,818 | |||
Issuance of shares sold at the market (ATM), net of issuance costs | $ 1,038 | 2,955,556 | 0 | 2,956,594 |
Issuance of shares in connection with debt to shares conversion (in shares) | 180,308 | |||
Issuance of shares in connection with debt to shares conversion | $ 1,803 | 4,945,851 | 0 | 4,947,654 |
Offering expenses | $ 0 | (13,667) | 0 | (13,667) |
Balance (in shares) at Jun. 30, 2021 | 2,632,342 | |||
Balance at Jun. 30, 2021 | $ 26,323 | $ 61,043,772 | $ (16,080,396) | $ 44,989,699 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net (loss) / income | $ 3,082,679 | $ (6,118,563) |
Adjustments to reconcile net (loss) / income to net cash (used in) / provided by operating activities: | ||
Vessel depreciation | 3,412,475 | 3,252,516 |
Amortization of deferred charges | 201,073 | 70,352 |
Share-based compensation | 107,972 | 124,212 |
Unrealized loss on derivatives | 3,848,652 | 617,008 |
Loss on debt extinguishment | 1,647,654 | 0 |
Changes in operating assets and liabilities | (2,337,212) | 1,795,756 |
Net cash (used in) / provided by operating activities | 9,963,293 | (258,719) |
Cash flows from investing activities: | ||
Cash paid for vessel improvements | (34,163) | (231,262) |
Cash paid for vessel acquisition | (7,126,713) | 0 |
Net cash used in investing activities | (7,160,876) | (231,262) |
Cash flows from financing activities: | ||
Redemption of Series B preferred shares | (3,000,000) | 0 |
Proceeds from issuance of common stock, net of commissions paid | 2,956,594 | 0 |
Preferred dividends paid | 0 | (713,553) |
Loan arrangement fees paid | (400,000) | 0 |
Proceeds from related party loan | 6,000,000 | 0 |
Proceeds from long-term debt | 31,700,000 | 0 |
Repayment of long-term debt | (28,777,000) | (3,537,000) |
Net cash (used in) / provided by financing activities | 8,479,594 | (4,250,553) |
Net (decrease) / increase in cash and cash equivalents and restricted cash | 11,282,011 | (4,740,534) |
Cash, cash equivalents and restricted cash at beginning of period | 4,606,318 | 9,129,442 |
Cash, cash equivalents and restricted cash at end of period | 15,888,329 | 4,388,908 |
Cash breakdown | ||
Cash and cash equivalents | 8,498,873 | 901,608 |
Restricted cash, current | 5,489,456 | 787,300 |
Restricted cash, long term | 1,900,000 | 2,700,000 |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 15,888,329 | $ 4,388,908 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and General Information | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. EuroDry Ltd. (the “Company” or “EuroDry”) was formed by Euroseas Ltd. (“Euroseas” or “former Parent Company”) on January 8, 2018 seven December 31, 2017 ( May 30, 2018, May 30, 2018 The operations of the vessels are managed by Eurobulk Ltd. ("Eurobulk" or “Manager”) and Eurobulk (Far East) Ltd. Inc. (“Eurobulk FE”), collectively the “Managers” or the “Management Companies”, corporations controlled by members of the Pittas family. Eurobulk has an office in Greece located at 4 1003, 10th 470 4 The Pittas family is the controlling shareholder of Dry Friends Investment Company Inc. which, in turn, owns 43.3% of the Company’s shares as of June 30, 2021. The accompanying unaudited condensed consolidated financial statements include the accounts of EuroDry Ltd., and its wholly owned vessel owning subsidiaries and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2020 20 April 22, 2021. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information. Accordingly, they do not six June 30, 2021 not December 31, 2021. As of June 30, 2021, six June 30, 2021, June 30, 2021. August 2021, 11b not may twelve |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies and Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. A summary of the Company's significant accounting policies and recent accounting pronouncements are included in Note 2 20 December 31, 2020 ( “2020 no six June 30, 2021. |
Note 3 - Vessels, Net
Note 3 - Vessels, Net | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 3. Vessels, net The amounts in the accompanying unaudited condensed consolidated balance sheets are as follows: Costs Accumulated Depreciation Net Book Value Balance, January 1, 2021 138,802,385 (39,496,395 ) 99,305,990 Depreciation for the period - (3,412,475 ) (3,412,475 ) Vessel acquisition 12,126,713 - 12,126,713 Capitalized expenses 27,441 - 27,441 Balance, June 30, 2021 150,956,539 (42,908,870 ) 108,047,669 Vessel improvements for the six June 30, 2021 In May 2021, 76,704 2004 one July 2021, August 2021. June 2021, As of June 30, 2021 5 |
Note 4 - Related Party Transact
Note 4 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 4. Related Party Transactions Details of the Company’s transactions with related parties did not six June 30, 2021 6 December 31, 2020, 2020 Each of the Company’s vessel owning companies is party to a management agreement with one six June 30, 2020 2021 six June 30, 2020 2021, May 30, 2018 five May 30, 2023 2021 may In addition to the vessel management services, the Manager provides the Company with the services of its executives, services associated with the Company being a public company and other services to the Company’s subsidiaries. For each of the six June 30, 2020 2021, Amounts due to or from related company represent net disbursements and collections made on behalf of the vessel-owning companies by the Management Companies during the normal course of operations for which a right of offset exists. As of December 31, 2020 June 30, 2021, The Company uses brokers for various services, as is industry practice. Eurochart S.A., an affiliated company controlled by certain members of the Pittas family, provides vessel sale and purchase services, and chartering services to the Company whereby the Company pays commission of 1% of the vessel sales price and 1.25% of charter revenues. A commission of 1% of the purchase price is also paid to Eurochart by the seller of the vessel for acquisitions the Company makes using Eurochart's services. Commissions to Eurochart S.A. for chartering services were $120,025 and $300,570 for the six June 30, 2020 2021, June 2021, Certain members of the Pittas family, together with another unrelated ship management company, have formed a joint venture with the insurance broker Sentinel Maritime Services Inc. (“Sentinel”). Technomar Crew Management Services Corp (“Technomar”) is a company owned by certain members of the Pittas family, together with two not 5%; first six 2020, first six 2021, On May 10, 2021, May 31, 2022. second 2021 June 4, 2021, June 4, 2021, fifteen June 30, 2021, |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 5. Long-Term Debt Long-term debt represents loans of the Company. Outstanding long-term debt as of December 31, 2020 June 30, 2021 Borrower December 31, 2020 June 30, 2021 Kamsarmax One Shipping Ltd. 9,597,000 - Ultra One Shipping Ltd. 13,120,000 - Kamsarmax One Shipping Ltd. / Ultra One Shipping Ltd. - 26,200,000 Kamsarmax Two Shipping Ltd. 14,550,000 13,900,000 Light Shipping Ltd. / Areti Shipping Ltd. / Pantelis Shipping Corp. 10,800,000 9,400,000 Eirini Shipping Ltd. 3,300,000 4,790,000 Blessed Luck Shipowners Ltd. (short term sellers’ credit) - 5,000,000 51,367,000 59,290,000 Less: Current portion (14,013,835 ) (11,576,165 ) Long-term portion 37,353,165 47,713,835 Deferred charges, current portion 220,081 102,991 Deferred charges, long-term portion 35,081 351,098 Long-term debt, current portion net of deferred charges 13,793,754 11,473,174 Long-term debt, long-term portion net of deferred charges 37,318,084 47,362,737 Loan from related party, current EuroDry Ltd. - 2,700,000 The future annual loan repayments are as follows: To June 30: 2022 11,576,165 2023 17,924,732 2024 4,576,163 2025 3,876,729 2026 3,520,595 Thereafter 17,815,616 Total 59,290,000 Details of the loans are discussed in Note 7 December 31, 2020, 2020 The Company’s bank loans are secured with one ● first ● first ● a corporate guarantee of EuroDry Ltd. ● a pledge of all the issued shares of each borrower. The loan agreements also contain covenants such as minimum requirements regarding the security cover ratio (the ratio of fair value of vessel to outstanding loan less cash in retention accounts ranging from 120% to 130%), restrictions as to changes in management and ownership of the ship-owning companies, distribution of profits or assets (i.e. not December 31, 2020 June 30, 2021, June 30, 2021, Interest expense, including loan fee amortization for the six June 30, 2020 2021 |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6. Commitments and Contingencies There are no not As of June 30, 2021, June 30, 2022 June 30, 2023. one may not not |
Note 7 - Stock Incentive Plan
Note 7 - Stock Incentive Plan | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 7. Stock Incentive Plan A summary of the status of the Company’s unvested shares as of January 1, 2021, six June 30, 2021, Unvested Shares Shares Weighted-Average Grant-Date Fair Value Unvested on January 1, 2021 56,745 5.10 Granted - - Vested - - Unvested on June 30, 2021 56,745 5.10 As of June 30, 2021, six June 30, 2020 2021, |
Note 8 - Earnings (Loss) Per Sh
Note 8 - Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. Earnings / (Loss) Per Share Basic and diluted earnings / (loss) per common share is computed as follows: For the six months ended June 30, 2020 2021 Income: Net (loss) / income (6,118,563 ) 3,082,679 Dividends to Series B Preferred shares (748,012 ) (570,925 ) Preferred deemed dividend - (120,000 ) Net (loss) / income attributable to common shareholders (6,866,575 ) 2,391,754 Weighted average common shares – outstanding, basic 2,267,375 2,322,588 Basic (loss) / earnings per share (3.03 ) 1.03 Effect of dilutive securities: Dilutive effect of unvested shares - 42,291 Weighted average common shares – outstanding, diluted 2,267,375 2,364,879 Diluted (loss) / earnings per share (3.03 ) 1.01 The Company excluded the effect of 37,225 unvested incentive award shares as of June 30, 2020, June 30, 2020 2021, nil six June 30, 2020. |
Note 9 - Preferred Shares
Note 9 - Preferred Shares | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 9. Preferred shares A summary of the Company's “Preferred shares” is identified in Note 14 December 31, 2020, 2020 On January 29, 2021 February 8, 2021, two January 29, 2021. two January 29, 2023 For the six June 30, 2020, two six June 30, 2021 two third 2021. In addition, $120,000 of preferred deemed dividends were recorded as a result of the redemption of a net amount of $3 million of the Company’s Series B Preferred Shares as described above, representing the difference between ( 1 2 |
Note 10 - Financial Instruments
Note 10 - Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 10. Financial Instruments The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, trade accounts receivable, other receivables and amount due from related companies. The principal financial liabilities of the Company consist of long-term debt, derivatives, trade accounts payable, accrued expenses and amount due to related companies. Interest rate risk The Company enters into interest rate swap contracts as economic hedges to manage some of its exposure to variability in its floating rate long-term bank loans. Under the terms of the interest rate swaps the Company and the bank agree to exchange, at specified intervals, the difference between a paying fixed rate and receiving floating rate interest amount calculated by reference to the agreed principal amounts and maturities. Interest rate swaps allow the Company to convert long-term borrowings issued at floating rates into equivalent fixed rates. Even though the interest rate swaps were entered into for economic hedging purposes, they did not Derivatives and Hedging not June 30, 2021, three Concentration of credit risk Financial instruments, which potentially subject the Company to significant concentration of credit risk consist primarily of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluation of the relative credit standing of these financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not Fair value of financial instruments The estimated fair values of the Company's financial instruments such as cash and cash equivalents, restricted cash and amount due to / from related companies approximate their individual carrying amounts as of December 31, 2020 June 30, 2021, 1 June 30, 2021, 2 3 The Company follows guidance relating to “Fair value measurements”, which establishes a framework for measuring fair value under generally accepted accounting principles, and expands disclosure about fair value measurements. This statement enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value will be classified and disclosed in one three Level 1: Level 2: Level 3: not The fair value of the Company's investment in forward freight agreement (“FFA”) contracts is determined based on quoted prices from the applicable exchanges and therefore is considered Level 1 The fair value of the Company’s interest rate swap agreements is determined using a discounted cash flow approach based on market-based LIBOR swap rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 2 Recurring Fair Value Measurements Fair Value Measurement as of December 31, 2020 Balance Sheet Location Total, (Level 1) (Level 2) (Level 3) Liabilities Interest rate swap contract, current portion Derivatives, current liability portion $ 322,123 - $ 322,123 - FFA contract, current portion Derivatives, current liability portion $ 134,010 $ 134,010 Interest rate swap contract, long-term portion Derivatives, long-term liability portion $ 393,899 - $ 393,899 - Fair Value Measurement as of June 30, 2021 Balance Sheet Location Total, (Level 1) (Level 2) (Level 3) Liabilities Interest rate swap contract, current portion Derivatives, current liability portion $ 376,685 - $ 376,685 - FFA contract, current portion Derivatives, current liability portion $ 4,264,671 $ 4,264,671 Interest rate swap contract, long-term portion Derivatives, long-term liability portion $ 57,327 - $ 57,327 - The amount of Loss on derivatives, net recognized in the unaudited condensed consolidated statements of operations, is analyzed as follows: Derivative not designated as hedging instrument Location of loss recognized Six Months Ended June 30, 2020 Six Months Ended June 30, 2021 Interest rate swap contracts– Unrealized (loss) / gain Loss on derivatives, net (485,039) 282,009 Interest rate swap contracts - Realized loss (26,137) (147,164) FFA contracts – Unrealized loss (131,970) (4,130,661) FFA contracts – Realized loss - (1,318,589) Total loss on derivatives (643,146) (5,314,405) |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. Subsequent Events The following events occurred after June 30, 2021: (a) On August 12, 2021, twelve first four eight August 2024. first first (b) On August 16, 2021, 62,996 2014, September 22, 2021 (c) In August 2021, first eighteen eighteen first first (d) During August September 2021, (e) On September 30, 2021, November 2021 ( 7 20 December 31, 2020). (f) On September 30, 2021, 24 four eight 12th twelve first first |
Note 3 - Vessels, Net (Tables)
Note 3 - Vessels, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Costs Accumulated Depreciation Net Book Value Balance, January 1, 2021 138,802,385 (39,496,395 ) 99,305,990 Depreciation for the period - (3,412,475 ) (3,412,475 ) Vessel acquisition 12,126,713 - 12,126,713 Capitalized expenses 27,441 - 27,441 Balance, June 30, 2021 150,956,539 (42,908,870 ) 108,047,669 |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Borrower December 31, 2020 June 30, 2021 Kamsarmax One Shipping Ltd. 9,597,000 - Ultra One Shipping Ltd. 13,120,000 - Kamsarmax One Shipping Ltd. / Ultra One Shipping Ltd. - 26,200,000 Kamsarmax Two Shipping Ltd. 14,550,000 13,900,000 Light Shipping Ltd. / Areti Shipping Ltd. / Pantelis Shipping Corp. 10,800,000 9,400,000 Eirini Shipping Ltd. 3,300,000 4,790,000 Blessed Luck Shipowners Ltd. (short term sellers’ credit) - 5,000,000 51,367,000 59,290,000 Less: Current portion (14,013,835 ) (11,576,165 ) Long-term portion 37,353,165 47,713,835 Deferred charges, current portion 220,081 102,991 Deferred charges, long-term portion 35,081 351,098 Long-term debt, current portion net of deferred charges 13,793,754 11,473,174 Long-term debt, long-term portion net of deferred charges 37,318,084 47,362,737 Loan from related party, current EuroDry Ltd. - 2,700,000 |
Schedule of Maturities of Long-term Debt [Table Text Block] | To June 30: 2022 11,576,165 2023 17,924,732 2024 4,576,163 2025 3,876,729 2026 3,520,595 Thereafter 17,815,616 Total 59,290,000 |
Note 7 - Stock Incentive Plan (
Note 7 - Stock Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Unvested Shares Shares Weighted-Average Grant-Date Fair Value Unvested on January 1, 2021 56,745 5.10 Granted - - Vested - - Unvested on June 30, 2021 56,745 5.10 |
Note 8 - Earnings (Loss) Per _2
Note 8 - Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the six months ended June 30, 2020 2021 Income: Net (loss) / income (6,118,563 ) 3,082,679 Dividends to Series B Preferred shares (748,012 ) (570,925 ) Preferred deemed dividend - (120,000 ) Net (loss) / income attributable to common shareholders (6,866,575 ) 2,391,754 Weighted average common shares – outstanding, basic 2,267,375 2,322,588 Basic (loss) / earnings per share (3.03 ) 1.03 Effect of dilutive securities: Dilutive effect of unvested shares - 42,291 Weighted average common shares – outstanding, diluted 2,267,375 2,364,879 Diluted (loss) / earnings per share (3.03 ) 1.01 |
Note 10 - Financial Instrumen_2
Note 10 - Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurement as of December 31, 2020 Balance Sheet Location Total, (Level 1) (Level 2) (Level 3) Liabilities Interest rate swap contract, current portion Derivatives, current liability portion $ 322,123 - $ 322,123 - FFA contract, current portion Derivatives, current liability portion $ 134,010 $ 134,010 Interest rate swap contract, long-term portion Derivatives, long-term liability portion $ 393,899 - $ 393,899 - Fair Value Measurement as of June 30, 2021 Balance Sheet Location Total, (Level 1) (Level 2) (Level 3) Liabilities Interest rate swap contract, current portion Derivatives, current liability portion $ 376,685 - $ 376,685 - FFA contract, current portion Derivatives, current liability portion $ 4,264,671 $ 4,264,671 Interest rate swap contract, long-term portion Derivatives, long-term liability portion $ 57,327 - $ 57,327 - |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivative not designated as hedging instrument Location of loss recognized Six Months Ended June 30, 2020 Six Months Ended June 30, 2021 Interest rate swap contracts– Unrealized (loss) / gain Loss on derivatives, net (485,039) 282,009 Interest rate swap contracts - Realized loss (26,137) (147,164) FFA contracts – Unrealized loss (131,970) (4,130,661) FFA contracts – Realized loss - (1,318,589) Total loss on derivatives (643,146) (5,314,405) |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and General Information (Details Textual) | May 30, 2018shares | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | Jan. 08, 2018 |
Number of Subsidiaries Contributed by Euroseas | 7 | |||
Working Capital Deficit | $ (4,500,000) | |||
Net Income (Loss) Attributable to Parent, Total | 3,082,679 | $ (6,118,563) | ||
Net Income (Loss) Available to Common Stockholders, Basic, Total | 2,391,754 | (6,866,575) | ||
Net Cash Provided by (Used in) Operating Activities, Total | 9,963,293 | (258,719) | ||
Cash, Ending Balance | 8,500,000 | |||
Restricted Cash and Cash Equivalents, Total | $ 7,400,000 | |||
The Pittas Family [Member] | Preferred Friends Investment Company, Inc [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 43.30% | |||
Preferred Class B [Member] | ||||
Stock Issued During Period, Shares, Percentage | 50.00% | |||
Common Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 2,254,830 | 103,818 | ||
Net Income (Loss) Attributable to Parent, Total | $ 0 | $ 0 |
Note 3 - Vessels, Net (Details
Note 3 - Vessels, Net (Details Textual) - USD ($) | 1 Months Ended | 6 Months Ended | ||||
Aug. 31, 2021 | Jun. 30, 2021 | May 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Payments to Acquire Vessel | $ 7,126,713 | $ 0 | ||||
Due to Related Parties, Current, Total | $ 0 | 0 | $ 2,984,759 | |||
The Bridge Loan Converted into Common Stock [Member] | ||||||
Debt Conversion, Original Debt, Amount | 3,300,000 | |||||
Short Term Sellers Credit [Member] | ||||||
Debt Instrument, Face Amount | $ 5,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||
The Bridge Loan [Member] | ||||||
Debt Instrument, Face Amount | $ 6,000,000 | |||||
Debt Instrument, Term (Year) | 1 year | |||||
Due to Related Parties, Current, Total | $ 2,700,000 | $ 2,700,000 | ||||
Term Sheet Loan [Member] | Subsequent Event [Member] | ||||||
Proceeds from Issuance of Debt | $ 8,000,000 | |||||
M/V Blessed Luck [Member] | ||||||
Payments to Acquire Vessel | $ 12,120,000 |
Note 3 - Vessels, Net - Summary
Note 3 - Vessels, Net - Summary of Vessels (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Net Book Value | $ 99,305,990 | |
Depreciation for the period | (3,412,475) | $ (3,252,516) |
Net Book Value | 108,047,669 | |
Vessels [Member] | ||
Costs | 138,802,385 | |
Accumulated Depreciation | (39,496,395) | |
Net Book Value | 99,305,990 | |
Depreciation for the period | (3,412,475) | |
Vessel acquisition | 12,126,713 | |
Capitalized expenses | 27,441 | |
Costs | 150,956,539 | |
Accumulated Depreciation | (42,908,870) | |
Net Book Value | $ 108,047,669 |
Note 4 - Related Party Transa_2
Note 4 - Related Party Transactions (Details Textual) | Jun. 04, 2021USD ($)$ / sharesshares | May 10, 2021USD ($) | Jan. 01, 2012EUR (€) | Jan. 01, 2011 | Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2021EUR (€) | Jun. 30, 2020USD ($) | Jun. 30, 2020EUR (€) | Dec. 31, 2020USD ($) |
Related Party Transaction, Agreement Term (Year) | 5 years | |||||||||
Related Party Transaction, Discount Percentage on Daily Vessel Management Fee | 5.00% | |||||||||
Related Party Transaction, Daily Vessel Management Fee per Vessel in Operation | € | € 685 | |||||||||
Due to Related Parties, Current, Total | $ 0 | $ 0 | $ 2,984,759 | |||||||
Due from Related Parties, Current, Total | 210,268 | 210,268 | $ 0 | |||||||
Proceeds from Related Party Debt | 6,000,000 | $ 0 | ||||||||
Interest Expense, Related Party | 25,533 | 0 | ||||||||
Gain (Loss) on Extinguishment of Debt, Total | (1,647,654) | 0 | ||||||||
Share Price (in dollars per share) | $ / shares | $ 27.44 | |||||||||
Eurobulk Ltd. [Member] | ||||||||||
Related Party Transaction, Daily Vessel Management Fee per Vessel | € | € 685 | € 685 | ||||||||
Eurobulk Ltd. [Member] | Vessel Management Fees [Member] | ||||||||||
Related Party Transaction, Amounts of Transaction | 1,085,825 | 973,504 | ||||||||
Eurobulk Ltd. [Member] | Fixed Fee Transaction [Member] | ||||||||||
Related Party Transaction, Amounts of Transaction | $ 625,000 | 625,000 | ||||||||
Eurochart [Member] | Vessel Sales [Member] | ||||||||||
Related Party Transaction, Commission, Percentage | 1.00% | 1.00% | ||||||||
Eurochart [Member] | Charter Revenues [Member] | ||||||||||
Related Party Transaction, Commission, Percentage | 1.25% | 1.25% | ||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 300,570 | 120,025 | ||||||||
Eurochart [Member] | Commission of Purchase Price Paid by Seller of Vessel [Member] | ||||||||||
Related Party Transaction, Commission, Percentage | 1.00% | 1.00% | ||||||||
Eurochart [Member] | Vessel Acquisition of M/V Blessed Luck [Member] | ||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 120,000 | |||||||||
Sentinel [Member] | ||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 21,357 | 21,139 | ||||||||
Related Party Transaction, Commission on Premium, Maximum, Percentage | 5.00% | 5.00% | ||||||||
Technomar [Member] | ||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 36,437 | $ 40,001 | ||||||||
Related Party Transaction, Amounts of Transaction per Crew Member per Month | 50 | |||||||||
Ergina Shipping Ltd. [Member] | ||||||||||
Due to Related Parties, Current, Total | $ 2,700,000 | $ 2,700,000 | ||||||||
Proceeds from Related Party Debt | $ 6,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||
Interest Expense, Related Party | $ 25,533 | |||||||||
Debt Instrument, Convertible, Threshold Trading Days | 15 | |||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 18.30 | |||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ (1,647,654) | |||||||||
Ergina Shipping Ltd. [Member] | Loan Converted into Common Stock [Member] | ||||||||||
Debt Conversion, Original Debt, Amount | $ 3,300,000 | |||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 180,308 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Interest Expense, Total | $ 1,121,172 | $ 1,247,821 | |
Restricted Cash [Member] | |||
Cash Deposits | $ 7,389,456 | $ 3,668,036 | |
Eurobank Ergasias [Member] | Finance Construction of Loan Facility of HSH Nordbank AG [Member] | Minimum [Member] | |||
Debt Instrument, Asset Coverage Ratio | 120.00% | ||
Eurobank Ergasias [Member] | Finance Construction of Loan Facility of HSH Nordbank AG [Member] | Maximum [Member] | |||
Debt Instrument, Asset Coverage Ratio | 130.00% |
Note 5 - Long-term Debt - Summa
Note 5 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Long-term debt, gross | $ 59,290,000 | $ 51,367,000 |
Less: Current portion | (11,576,165) | (14,013,835) |
Long-term portion | 47,713,835 | 37,353,165 |
Deferred charges, current portion | 102,991 | 220,081 |
Deferred charges, long-term portion | 351,098 | 35,081 |
Long-term debt, current portion net of deferred charges | 11,473,174 | 13,793,754 |
Long-term debt, long-term portion net of deferred charges | 47,362,737 | 37,318,084 |
EuroDry Ltd. | 0 | 2,984,759 |
EuroDry Ltd. [Member] | ||
EuroDry Ltd. | 2,700,000 | 0 |
Kamsarmax One Shipping Ltd. [Member] | ||
Long-term debt, gross | 0 | 9,597,000 |
Ultra One Shipping Ltd. [Member] | ||
Long-term debt, gross | 0 | 13,120,000 |
Kamsarmax One Shipping Ltd. / Ultra One Shipping Ltd. [Member] | ||
Long-term debt, gross | 26,200,000 | 0 |
Kamsarmax Two Shipping Ltd [Member] | ||
Long-term debt, gross | 13,900,000 | 14,550,000 |
Light Shipping Ltd. / Areti Shipping Ltd. / Pantelis Shipping Corp. [Member] | ||
Long-term debt, gross | 9,400,000 | 10,800,000 |
Eirini Shipping Ltd [Member] | ||
Long-term debt, gross | 4,790,000 | 3,300,000 |
Short Term Sellers Credit [Member] | ||
Long-term debt, gross | $ 5,000,000 | $ 0 |
Note 5 - Long-term Debt - Sum_2
Note 5 - Long-term Debt - Summary of Future Annual Loan Repayments for Long-term Debt (Details) | Jun. 30, 2021USD ($) |
2022 | $ 11,576,165 |
2023 | 17,924,732 |
2024 | 4,576,163 |
2025 | 3,876,729 |
2026 | 3,520,595 |
Thereafter | 17,815,616 |
Total | $ 59,290,000 |
Note 6 - Commitments and Cont_2
Note 6 - Commitments and Contingencies 1 (Details Textual) $ in Millions | Jun. 30, 2021USD ($) |
Time Charters [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 40.3 |
Note 6 - Commitments and Cont_3
Note 6 - Commitments and Contingencies 2 (Details Textual) - Time Charters [Member] $ in Millions | Jun. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 40.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 38.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 1.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 7 - Stock Incentive Plan_2
Note 7 - Stock Incentive Plan (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 133,630 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 9 months 25 days | |
Share-based Payment Arrangement, Expense | $ 107,972 | $ 124,212 |
Note 7 - Stock Incentive Plan -
Note 7 - Stock Incentive Plan - Summary of the Status of the Company's Non-vested Shares (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Unvested, shares (in shares) | shares | 56,745 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.10 |
Granted (in shares) | shares | 0 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Vested (in shares) | shares | 0 |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Unvested, shares (in shares) | shares | 56,745 |
Unvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.10 |
Note 8 - Earnings (Loss) Per _3
Note 8 - Earnings (Loss) Per Share (Details Textual) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 37,225 | 37,225 |
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares) | 42,291 | 0 |
Note 8 - Earnings (Loss) Per _4
Note 8 - Earnings (Loss) Per Share - Summary of Basic and Diluted Loss Per Common Share (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Net Income (Loss) Attributable to Parent, Total | $ 3,082,679 | $ (6,118,563) |
Dividends to Series B Preferred shares | (570,925) | (748,012) |
Preferred deemed dividend | (120,000) | 0 |
Net (loss) / income attributable to common shareholders | $ 2,391,754 | $ (6,866,575) |
Weighted average number of shares outstanding during the period, basic (in shares) | 2,322,588 | 2,267,375 |
(Loss) / earnings per share attributable to common shareholders, basic (in dollars per share) | $ 1.03 | $ (3.03) |
Dilutive effect of unvested shares (in shares) | 42,291 | 0 |
Weighted average common shares – outstanding, diluted (in shares) | 2,364,879 | 2,267,375 |
(Loss) / earnings per share attributable to common shareholders, diluted (in dollars per share) | $ 1.01 | $ (3.03) |
Note 9 - Preferred Shares (Deta
Note 9 - Preferred Shares (Details Textual) - USD ($) | Jan. 29, 2023 | Jun. 30, 2021 | Jan. 29, 2021 | Jan. 28, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Dividends, Preferred Stock, Total | $ 570,925 | $ 748,012 | ||||
Preferred Deemed Dividend | 120,000 | 0 | ||||
Payments for Repurchase of Redeemable Preferred Stock | 3,000,000 | 0 | ||||
Series B Preferred Stock [Member] | ||||||
Stock Redeemed or Called During Period, Value | $ 3,000,000 | |||||
Preferred Stock, Dividend Rate, Percentage | 14.00% | 8.00% | ||||
Preferred Stock, Dividend in Kind Rate, Percentage | 9.00% | |||||
Dividends, Preferred Stock, Total | 750,000 | |||||
Dividends, Preferred Stock, Cash | 570,000 | 350,000 | ||||
Dividends, Paid-in-kind, Total | $ 400,000 | |||||
Preferred Deemed Dividend | 120,000 | |||||
Payments for Repurchase of Redeemable Preferred Stock | $ 3,000,000 | |||||
Series B Preferred Stock [Member] | Forecast [Member] | ||||||
Preferred Stock, Dividend Rate, Percentage | 14.00% |
Note 10 - Financial Instrumen_3
Note 10 - Financial Instruments (Details Textual) - Interest Rate Swap [Member] $ in Millions | Jun. 30, 2021USD ($) |
Derivative, Number of Instruments Held, Total | 3 |
Derivative, Notional Amount | $ 20 |
Note 10 - Financial Instrumen_4
Note 10 - Financial Instruments - Fair Value of Company's Investments (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Derivatives | $ 4,641,356 | $ 456,133 |
Interest rate swap contract, long-term portion | 57,327 | 393,899 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivatives | 376,685 | 322,123 |
Interest rate swap contract, long-term portion | 57,327 | 393,899 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivatives | 0 | 0 |
Interest rate swap contract, long-term portion | 0 | 0 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives | 376,685 | 322,123 |
Interest rate swap contract, long-term portion | 57,327 | 393,899 |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivatives | 0 | 0 |
Interest rate swap contract, long-term portion | 0 | 0 |
Fair Value, Recurring [Member] | Freight Forward Agreements [Member] | ||
Derivatives | 4,264,671 | 134,010 |
Fair Value, Recurring [Member] | Freight Forward Agreements [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivatives | 4,264,671 | 134,010 |
Fair Value, Recurring [Member] | Freight Forward Agreements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives | ||
Fair Value, Recurring [Member] | Freight Forward Agreements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivatives |
Note 10 - Financial Instrumen_5
Note 10 - Financial Instruments - Derivative Financial Instruments (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Interest rate swap contracts– Unrealized (loss) / gain | $ (3,848,652) | $ (617,008) |
Not Designated as Hedging Instrument [Member] | ||
Total loss on derivatives | (5,314,405) | (643,146) |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Interest rate swap contracts– Unrealized (loss) / gain | 282,009 | (485,039) |
Interest rate swap contracts - Realized loss | (147,164) | (26,137) |
Not Designated as Hedging Instrument [Member] | FFA Contracts [Member] | ||
Interest rate swap contracts– Unrealized (loss) / gain | (4,130,661) | (131,970) |
Interest rate swap contracts - Realized loss | $ (1,318,589) |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - USD ($) shares in Millions | Sep. 30, 2021 | Aug. 12, 2021 | Aug. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Aug. 16, 2021 |
Proceeds from Issuance of Common Stock | $ 2,956,594 | $ 0 | |||||
Subsequent Event [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 211,945 | ||||||
Proceeds from Issuance of Common Stock | $ 6,233,418 | ||||||
Subsequent Event [Member] | Vessel Refinance [Member] | |||||||
Debt Instrument, Face Amount | $ 9,000,000 | ||||||
Debt Instrument, Term (Year) | 36 months | ||||||
Subsequent Event [Member] | Refinance M/V Starlight and Acquire M/V Good Heart [Member] | |||||||
Debt Instrument, Face Amount | $ 22,000,000 | 22,000,000 | |||||
Subsequent Event [Member] | M/V Asia Ruby II [Member] | |||||||
Vessel Purchase, Contract Amount | $ 24,300,000 | ||||||
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | Vessel Refinance [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||
Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | Refinance M/V Starlight and Acquire M/V Good Heart [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||
Subsequent Event [Member] | Debt Instrument, Redemption, Period One [Member] | Vessel Refinance [Member] | |||||||
Debt Instrument, Periodic Payment, Total | $ 300,000 | ||||||
Subsequent Event [Member] | Debt Instrument, Redemption, Period One [Member] | Refinance M/V Starlight and Acquire M/V Good Heart [Member] | |||||||
Debt Instrument, Periodic Payment, Total | $ 1,000,000 | ||||||
Subsequent Event [Member] | Debt Instrument, Redemption, Period Two [Member] | Vessel Refinance [Member] | |||||||
Debt Instrument, Periodic Payment, Total | $ 200,000 | ||||||
Subsequent Event [Member] | Debt Instrument, Redemption, Period Two [Member] | Refinance M/V Starlight and Acquire M/V Good Heart [Member] | |||||||
Debt Instrument, Periodic Payment, Total | 500,000 | ||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 2,400,000 | 2,400,000 | |||||
Subsequent Event [Member] | Debt Instrument, Redemption, Period Three [Member] | Refinance M/V Starlight and Acquire M/V Good Heart [Member] | |||||||
Debt Instrument, Periodic Payment, Total | 150,000 | ||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 9,800,000 | $ 9,800,000 | |||||
Subsequent Event [Member] | Piraeus Bank S.A. [Member] | |||||||
Proceeds from Issuance of Debt | $ 8,000,000 | ||||||
Subsequent Event [Member] | Piraeus Bank S.A. [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.70% | ||||||
Subsequent Event [Member] | Piraeus Bank S.A. [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||
Debt Instrument, Periodic Payment, Total | $ 750,000 | ||||||
Subsequent Event [Member] | Piraeus Bank S.A. [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||
Debt Instrument, Periodic Payment, Total | 250,000 | ||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 3,000,000 | ||||||
Subsequent Event [Member] | NBG [Member] | |||||||
Repayments of Debt | $ 8,700,000 |